Aerospace

The $1.6bn write-off covers the value of 34 aircraft still on the ground in Russia.

The world’s largest aircraft lessor AerCap has sued Russian cargo carrier Volga-Dnepr Airlines for £339mn ($427mn), accusing it of using sanctions as cover to keep eight Boeing airplanes in the latest dispute stemming from the Western crackdown on Moscow, according to Law360.

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The account consists of 16 airlines and has a total fleet value of $29.7bn.

The renewal also includes an expropriation aggregate limit, which is understood to be less than half of what it was pre-renewal.

The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.

Chris Collins will become international head of airlines and deductibles, while Paul Talbot has also been promoted to head of manufacturers and airports for the UK.

Up to 50% of the carrier’s war loss stems from aviation, where litigation brews.

The lessor is attempting to recover $25mn from UniCredit relating to aircraft in Russia after it already recouped $25.4mn from other creditors.

The lessor is recording a write-off for 19 aircraft leased to Russian airlines after it successfully recovered three planes since the start of the outbreak.

The lessor has 10 planes on the ground in Russia, representing less than 1% of its fleet value.

The lessor was able to recover two planes from Russian airlines since the start of the conflict, while 10 remain on the ground in Russia and Ukraine.